New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-09-29
EACH BANKER HAD A PLAN.
A CONFERENCE WITH Mr. FAIRcHILD ?
LOCAL FINANCIERs TALK WITH HIM ABOUT THE
MONETARY sIrUArION-yACH HAS
pANACRA-NO CONCIU-

MONETARY SIrUATION-EACH HAS
A PANACEA-NO CoNCLU-
SION REACHED.
Secretary Fairchd at the sub-Treasury yesterday
and in response to previous intimatons many bank
officers called on him shortly after The gathering
assumed the proportions OF formal conference but the
results were not important. Among those who
present Presidents Edmund d. Randolph. OF the
Continental; Henry W. Cannon OF the Chase John Jay
Knox OF the Republic; William p. st. John. OF the
Mercantile; o. D. Baldwin, OF the Fourth; Charles NJ
Fry OF the New.York, and James wood~ ard, OF the
Hanover; presidents Harris O. Fabnestock. of the
First and Conrad N. Jordan, OF the Western William
SHARP r. cashier of the Mechanics; Richard Wilson,
Roosevelt c. Roston president OF the Farmers Loan and
Trust Company; Cha-les Laner. of Wnslow, Lanier
Co.; John c. Brown. Of Brown Brothers Co.; George
c. Magouu Of Kidder. Peabody n Co.. and Alexander
Orr president of tho Produce Exchange. The Score
tary asked information and suggestions and listened
with close attention to all that said II was not I'M
nat rail- perhaps. that the remedies suggested for the
accumulation OF money by the Treasury were widely
different The Secretary made positive reply when
asked IL he could buy bonds after the sinking
Fund requirements had been filed although precedents
were cited and apparently the bankers present enter
tanned no doubt on the subject
The Secretary said that the Treasury accumulation
was anger In appearance than substance. and called
attention to the effect Of the silver coinage on the Gov
eminent balance sheet He expressed wish TO do all in
ing Of Congress- and hope that some means would be
devised by which this end could be accomplished When
the conference ended the Secretary started for
Washington although be hal expected to see the yacht
race to-day. 49,
Assistant Treasurer Canda said afterward: "Mr.
Fairchild wished TO meet OF tie financial men OF
city, but there attempt to decide on ing
He had nof many of them before and he glad 10
hear their views Tho money market and the Treasury
policy DO not think it would be proper for me TO say
anything further"
The talk amounted TO nothing and probably IL WAS not
cfe1f IN he
his and the Secretary could hardly decide at once
between many doctors. was impressed, however.
with the evident intention of the Administration to
avoid IL possible any financial trouble The Secretary
did not say what he might do when the Sinking Fund
requirements filled. but he intimatcd plainly his
wish to pay all the Treasury absorbed until the
present laws had been modified at least considered by
Congress"
Another bank officer who has had long acquaintance
with Secretary Farchild was slightly less sangune lie
said that il doubtful whether the Treasury could
buy bonds at q premium after the Sinking Fund had
been supplied. although specious pretexts had been
plentiful previous occasions He confident that
the Secretary would do everything in his power to
the Treasury operations but the extent or bis
lawful power matter for careful consideration